Get started
Gold Spot / U.S. Dollar
Long

GOLD → The scenario for the medium term is 75% defined

By RLinda
XAUUSD was in a wide range of consolidation all last week. The market was accumulating potential and waiting. And it was waiting for news and reaction to the facts from the U.S. market and the dollar index. At the moment, with a high degree of probability the scenario is defined.

snapshot

In the coming week, there are several important news items that are worth paying attention to:
  • Fed Chair Powell Speaks
  • Initial Jobless Claims, Fed Chair Powell Speaks
  • GDP (YoY), (MoM), (QoQ)

Too much Powell this week, I don't think he will say anything substantial, but on the back of NFP data analysts are increasingly talking about a possible first rate cut (tentatively by 0.25%), but there is still a lot of talk ahead, but again, the analysts' opinion and the Fed's actual position at the moment are different.

On the chart I also noted a few signs of further growth. The market is closing Friday near the 1997 resistance and we have plenty of reasons to see a breakout of this area soon.

snapshot

Price is still in consolidation. The first boundary that limits us from further growth is at 1997.3, the next one is the consolidation resistance at 2008.7. If these lines are broken, the price will head towards 2025, then towards 2050.

The strong supports to pay attention to at the moment are: 1990 and 1984.4. Now the market is forming an upward bullish potential relative to the 1995-2000 zone. The market continues to test the resistance for a breakout and is preparing to do it soon, and in addition, the gold price is strongly supported by the weakening dollar on the background of NonFarm Payorlls data

GC1! MGC1! DXY US500 XAGUSD

Regards R. Linda!
Ascending ChannelAscending TriangleBeyond Technical AnalysisDXYFibonacci RetracementFundamental AnalysisGC1! (Gold Futures)GoldTechnical IndicatorsSupport and ResistanceXAUUSDZigzag
RLinda
🌹TRADING is a CASINO💔!?

NO‼️

You❗️CAN and ❗️SHOULD make money in trading!

Join me, I'll guide you to PROFITABLE TRADING💵!

🟢Free Telegram Channel:
t.me/RLindaTrade

🔴Contact:
t.me/RLindaSignals

🧿Web: rlinda.com
Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.